Company Accounts

20 Questions  I  By Sweetsalman123 on September 11, 2011

  
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1.  Interest received on debenture redemption fund investment is  
A.
B.
C.
D.
2.  Mr. Yogesh was the holder of 700 shares of Rs.100 each in KFC Ltd upon which 50 per share had been called up but he had paid only Rs.25 per share thereon. The company forfeited his shares & afterwards sold them to Kamlesh, credited as Rs.50 per share paid for Rs.25,000. The amount to be transfer to capital reserve is                                  
A.
B.
C.
D.
3.  A limited company forfeited 100 equity shares of the face value of Rs. 10 each, for non payment of first call of Rs. 2 per share. The forfeited shares were subsequently reissued as fully paid @ 7 each. Amount transferred to capital reserve will be  
A.
B.
C.
D.
4.  Z & Co. issued Rs.10,000 10% Debentures at 5% discount redeemable at 5% premium after 10 years loss on issue of debentures will be  
A.
B.
C.
D.
5.  As per table A of the companies Act 1956, a company can charge interest on call in arrears at the rate of  
A.
B.
C.
D.
6.  Z Ltd. Purchased plant and machinery for Rs. 2,00,000 payable as to Rs.65,000.00 in cash and the balance by an issue of 6% debentures of Rs.1,000 each at a discount of 10%. Discount amount will be                               
A.
B.
C.
D.
7.  Xeta Ltd. was formed as a Public Limited Company with an authorized capital of Rs.20,00,000 divided into shares of Rs.10 each. Xeta Ltd. issued fully paid up shares of Rs.10/-each in consideration of acquiring assets worth Rs.3,80,000 from M/s Rahim Bros. The shares are issued at a premium of 20%. to record this transaction, share capital need to be credited by  
A.
B.
C.
D.
8.  A company issued 15,000, 9% preference shares of Rs.100 each at 5% discount and 2,00,000 equity shares of Rs.10 each at 10% premium. Full amount was received from the applicants in one instalment. The net balance of securities premium account will be  
A.
B.
C.
D.
9.  In the trial balance of joint stock company the following balances are given (i)10% Mortgage debenture                         4,00,000         (payable after 4 years) (ii) Discount allowed on issue of debenture  10,000 Amount of discount written off per year will be  
A.
B.
C.
D.
10.  The following information pertains to Sethi Ltd. (i)       Equity share capital called up Rs.10,00,000. (ii)      Call in advance Rs.90,000. (iii)     Call in arrear Rs.1,10,000                                                                               (iv)     Proposed Dividend 12% Amount of dividend for the year will be  
A.
B.
C.
D.
11.  A Company issued Rs. 50,000 10% debentures at a discount of 5% redeemable after 5 years at a premium of 5%. Loss on issue of debenture will be  
A.
B.
C.
D.
12.  Beta Ltd was formed as a public limited company with on authorised capital of Rs.2000000 divided into shares of Rs.10 each. Beta Ltd issued fully paid up share of Rs.10 each in consideration of acquiring asset worth Rs.380000 from M/s Rahim Bros. The shares are issued at a premium of 25%. To record this transaction share capital need to be credited by   
A.
B.
C.
D.
13.  Tarun Ltd purchased building from Varun Ltd for a book value of Rs.400000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account will be credited
A.
B.
C.
D.
14.  A company purchased an established business for Rs.4,00,000 payable Rs. 1,30,000 in cash and the balance by 12% debentures of Rs. 100 each at discount of 10%. Discount on issue of debentures will be  
A.
B.
C.
D.
15.  The Board of Directors of a company decides to issue minimum number of equity shares of Rs. 10 each at 10% discount to redeem Rs.5,00,000 preference shares. The maximum amount of divisible profits available for redemption is Rs. 3,00,000. The number of shares to be issued by the company will be  
A.
B.
C.
D.
16.  Tata Communication invited applications for 50000 equity shares of Rs.10 each and received 65000 applications along with application money of Rs.5 per share. Which of the following is correct  
A.
B.
C.
D.
17.  Z Ltd. Forfeited 600 shares of Rs. 10 each, on which first call of Rs. 3 per share was not received; the second and final call of Rs. 2 per share has not yet been called. Forfeited share A/c will be credited with  
A.
B.
C.
D.
18.  Proposed dividends are debited to  
A.
B.
C.
D.
19.  A company purchased a plant for Rs. 5000 useful life of the plant is 10 years and residual value is Rs. 500. Rate of depreciation will be__________.  
A.
B.
C.
D.
20.  There are 60,000 preference share of Rs.10 each fully called up. But there are call in arrears of Rs.4,000 @ Rs.2 per share. Company can redeem at present  
A.
B.
C.
D.
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